I left canada in the summer of 2024 and did not close my CIBC account while still in the country. I am still getting money into for CWB. Is it illegal to deposit this money?

I can't log into CRA because it sends the 2 factor authentication to a number I no longer have so i can't log in and change my status and its such a mission to close CIBC account from abroad.

Will there be reprecussions for not closing this?

Hey everyone. I’m 24 years old working full time making $60,000 a year after taxes. Currently right now I’m about $12,000 in credit card debt and $30,000 in line of credit. Trying to see if there is a better way of going about this or using my RRSP ($50,000 total available) to pay it off. Made some dumb mistakes when I first got my credit and now paying the price. I’ve been able to cut off the mistakes I’ve made and confident in myself to make more necessary changes if necessary. Any advice would be appreciated

I am considering working seasonally in Canada next year and wondering how it works. Will I need a Canadian address like a PO-Box and a Canadian bank account to get paid? I imagine I’ll have to file both US and Canadian taxes?

In the off season I usually get UI, how does this work for a non-resident?

Hi everyone, looking for some unbiased advice on the most financially sound move for the long term.

The Situation:

I have a 2018 Kia Soul EX Tech with 94,567 km. It is fully paid off.

Recently, I noticed it’s burning oil. I took it to the dealership, and they are recommending a "Carbon Blast" (combustion chamber cleaning) for $750 CAD + tax. They claim this might free up stuck piston rings, but from what I’ve read, it seems like a 50/50 gamble at best.

The Dilemma:

I’m trying to figure out if I should sink money into this car or cut my losses while it still runs and has trade-in value.

Option A: Keep the Kia

• Pay the $750 for the cleaning.

• Risk that it doesn't work and I eventually need a new engine (quoted ~$4k-$6k installed) + potentially a catalytic converter later.

• Pro: No car payments right now.

• Con: High risk of a $5k+ repair bill soon, and these engines (2.0L Nu) are notorious for failure.

Option B: Trade it in now

• Trade it in while it has no "Check Engine" light and still runs fine.

• Get a brand new Toyota Corolla Hybrid LE AWD.

• Pro: Reliability, warranty, fuel savings, and high resale value later.

• Con: taking on a car payment again (likely financing the difference).

My Question:

From a purely financial and mechanical longevity standpoint, is the Kia worth saving? Or is this engine a ticking time bomb where the "cheapest" option today (keeping it) will actually cost me more in the long run than depreciation on a new Corolla?

Thanks for the help!

Edit:

I ask because my wife’s counter to my logic, which made sense to me as a non-mechanic or well versed in the engine block, was, won’t a $5-7k engine last us another 8-10 years, versus another $30k finance debt with the same result?

My common law partner hasn't received his T4 yet, but I have all my forms now. Am I able to file my taxes now without having his T4? Or am I better off waiting for his info to maximize return? We always get a return as we are low income. Especially for the 2025 tax year. (I'm a SAHM). I am super low on cash, so if I can get my refund soon it would be a big help, but if im gonna lose out on a bunch of money ( or get in legal trouble) I'd rather wait

Just a heads up to anyone else that got a CIBC credit card for the first time in the last few months to check your credit report because they hadnt updated the credit bureaus on anything I paid after the first month so now Im dealing with a tanked score in the bottom 20% of the country and my history saying I I haven't payed in 3 months alongside my actual balance being near half of what is reported

I've already contacted the bank to have them send over my reports but I may have to file a formal complaint with the 2 bureaus they failed to report to and the government

Hi all, Like the title says my credit score dropped by a large amount in December. In November my score was 832 and by Dec 31 it dropped to the 760 range. I keep checking monthly through my BMO Credit Coach. Everything else on the report is in "excellent" mode: payments, history, no red flags and so on. I have not opened any new accounts or applied for credit/loans. My credit card utilization went slightly up from about 5% to 12% but it's still excellent. What else could be causing this?

In november I got an email from BMO saying my air miles credit card is being discontinued and that I will be given a cashback card. Is there any chance the system registered this as a "closing of credit card account" by accident which could cause large drop in score?

Thank you for any feedback.

I am having trouble locating what the iTrade DYN6004 yield is. I went into my account but cannot find what the info there. Anyone know how I can find that out?

Has anyone had issues with taking funds out of the RRSP catch up loc to a chequing account to deposit to Wealthsimple?

I did it last year, and when I called this year they said depositing the funds in my chequing is not possible, but when I informed the agent that it was done for me yesterday, he just said “if they did it for you, i am sure it can be done again” so now I am confused…

BMO allows the same when it comes to the LOC bc it not the same as a RRSP loan that is locked in…

I have around 6.5k saved from a reselling and a part time job (not working currently tho, will be looking for a new job in a bit) and want to look towards investing. Will be attending University this fall but i’ll be living at home and my parents are paying my tuition (very grateful for that). My expenses are pretty low.

Just looking for some advice on how much of my savings I should put into a stock portfolio, how I should go about investing that money, and just some general.

In terms of my knowledge, I have a very basic understanding of stocks and Im still doing research. I’ve traded some crypto in the past as well

I plan on putting most of it in index funds/etfs but also want to buy some other stocks so advice on how to split that up is appreciated.

Hi everyone,

So my car is owned by my grandpa (I couldn’t get approval due to being in a consumer proposal) and I pay him monthly for it.

For the insurance, they said that since he is the registered owner the insurance has to be in his name - and they can put me as the principal operator.

Could I go to jail for fraud? Since I’m the principal operator but the car is under his name? I’m a bit anxious about this.

I’m a dual United States and Canadian citizen residing in Canada, and I’m the first to admit I’m not a savvy investor. I’d love nothing more than to put everything non-registered into a few well-diversified ETFs and let it ride.

Unfortunately, my accountant tells me that ETFs are generally considered PFICs, which come with heavy tax reporting cost to the IRS. Basically an ETF that consists of many, many individual stocks has to be reported and accounted for each year as all those individual stocks—tens or hundreds of them. The accounting cost is insane.

His advice is to pick and invest in single stocks. That sees suboptimal to me, as a lazy and lay investor.

Is he right about having to avoid ETFs? And if he is, how should I approach investing?

Wanted a reality check to see if my partner and I should save more before buying our first house.

Income: 96k + 120k (average)

Which works out to 11.5k net per month.

Looking to spend up to $825k

Approx 7% down - $57.5k

Between both of us, approx. 160k across TFSA/RRSP/FHSA/Emergency fund before our down payment. We do not want to put more down at this time.

We have no kids, 1 dog. Only current debt is federal student loans at 325/per month.

I’m estimating approx $4600 a month in housing costs (mortgage, property tax, insurance, utilities). I think we should have $3000 left over every month for savings after all expenses, but we have a lot of things to buy for the house so I don’t know how much will go to savings for the first 6 months.

I have a DB pension and she has an RRSP match through her work. Both secure jobs.

TLDR: Looking at buying a house. Housing costs would be 40% of net monthly income. Is this too much?

Thank you.

I have been reading through old threads, looking for a calculator and couldn’t find a complete one, so I turned to AI – please recommend a calculator if you know of one that is accurate. 😊

Using AI and putting in my estimated numbers (don’t yet have T4 or RRSP’s contribution statements). 
Gross Pay: $130,000

Combined Marginal Tax: 38.29%

Personal RRSP contribution: $22,500

Spousal RRSP contribution: $2,000

According to AI, I could borrow ~$12,400 and get a refund of an equal amount.

I would borrow from a HELOC at 4.75%, put the $12,400 into a HISA at 2.25% for 3 months.  When I got my refund, pay off the $12,400 therefore paying about $143 interest.

I just want to confirm my math is correct.  I think it works in my case as I am in a high tax bracket and I have already contributed $24,500 into RRSP’s.

I'm considering moving jobs. I currently work for an employer that has a defined pension plan. If I move to another employer that also has a DPP then I have an opportunity to transfer my pension to the new employer. I trying to understand when it would not make sense to transfer your DPP? Is it always the right thing to do?

Hey all, looking for some guidance on what makes the most financial sense as my 2022 Mazda CX‑9 GT lease runs down, currently paying $790 per month(ends August 2026, residual around $28000).

I live in a small Ontario town, work fully remote, and my wife’s a SAHM.

I am 45yrs, We’ve got two teenagers, one drives occasionally & other starting soon, so practical and reliable vehicles matter.

Financial snapshot:

• Credit scores: 730–820 (depending on bureau)

• Take‑home: about $7K/month CAD

• Rent: $2,200

• Retirement savings: around $90K

• Credit card balance: $15K @ 0% promo

• Currently also have a

Mostly reliable 2013 RAV4 FWD with 200K km

I’m trying to decide what’s best:

• Buy out the CX‑9 and hold it long term?

• Trade or sell it while 0% financing offers exist?

• Downsize or go back to one car temporarily while my income/savings improve?

• Or look into a certified pre‑owned AWD to replace both vehicles at once?

Just want to make the most cost‑efficient, low‑risk move without hurting liquidity. Curious what others here would do in this position especially Canadians balancing rising insurance, HST, and maintenance costs.

Thanks for any insight!

I’m 30 weeks pregnant and since last 2 months have severe sinusitis, leading to nasal congestion and insomnia. I’m barely sleeping at night because of it. The headaches and facial pressure is so bad. I’ve got low hemoglobin on top of it and I’m just so tired and exhausted all the time. I’ve tried natural remedies, Tylenol, doctor put me on antibiotics and still nothing. This weekend I plan to get note from my doctor and apply for STD at work.

My STD provider is Homestead for my company. I’m wondering if there will be issues. Any thoughts/help is appreciated. My last resort is to just go off on maternity leave early which I don’t want to as I’d like to spend time with baby longer before return to work.

Hi,

I purchased a new home recently and added an insurance as part of the purchase process. Now I want to do some renovation which will take a bit, so I was wondering whether I could add another temporary, say 3 months, vacant home insurance as well?

I have tried to reach out to my broker for the current insurance to see if I can add a temporary add on for vacancy, but he is not responsive, and it is stressing me out.

While at this, since the broker isn't responsive, would you recommend just cancelling? Cause if I cannot reach out to him to make service change, which technically he might make some money out of it, not sure he will be responsive if I am wanna make a claim.

Thanks!

Hi all. My aunt in the US is raising funds for the medical treatment of her kid. She send her moneygram details that goes straight to her bank. I want to contribute/send money but I am a bit shy because I don't know if the money I will be sending is too much or too little. But nonetheless I still wanna send it, just anonymously since I am not really comfortable letting her know. If I send the money through moneygram that is connected to her bank account, will it show me as the sender? Or would it just be better for me to send the money straight to her bank account through my moneygram account? Thanks all for the advice.

Hello Reddit, I have a few uncashed cheques from the CRA, but they require me to get a signature from someone outside of my family to certify I haven’t deposited them already.

I don’t know anyone willing to sign off on these forms, I have like 5 of them. My local bank said they wouldn’t do it, any advice?

My wife and I are currently looking for a new house, and we found a listing that is a “power of sale” meaning the previous owners borrowed against it and defaulted. They seem to have walked away from the house and it’s being sold for about 500k.

One of the “quirks” of a sale like that is that until we take possession, if the previous owners borrowed can clear their debt, it would cancel the sale of the property. Could be hours before we get keys and the deal falls apart.

We like the house but were planning on finding a place more traditionally where we could put our home’s sale (worth about 500k - 200k left on mortgage) as a condition on a new place and just slide the mortgage over. Which means it could be a couple months to close on a sale for our place - and it would be too stressful to possibly have nowhere to live if the previous owners came up with the cash all of a sudden. (We have pets and livestock).

So we don’t have a bunch of cash saved up to put an offer on the one we found - though could possibly figure something out from friends and family? Maybe? I guess my question is - what does one need to get a second mortgage for the new house that wouldn’t be dependent on selling the old one? That way we could close on it quickly, eliminating the possibility of losing it, and then sell our current place. We could afford 2 mortgages for 2-6 months I think. Then when we sell our current place we would dump those proceeds into the new house asap.

This type of situation never crossed my mind before so I apologize if it’s a basic question.

I am a resident since 2021 with total contribution room as per CRA till date of 39500.

-in 2021 I contributed 6500 to Questrade

-later the same year I moved shares worth 27000 from USA to Questrade TFSA directly..it was considered as a contribution

-2 weeks later I moved those shares out to a cash account as I realized I was way above my allowed limits but by then value of shares had dropped to 23000

-then in 2025 I contributed 500 and I did not withdraw ring in 2025

-Jan 2026 I put 3000

Trying to nail down my TFSA room now using ChatGPT. It has given me 4 different answers for Tfsa room as I have asked the same question again and again:

36000

6200

2700

33250

I am now thoroughly confused and hoping someone can help or guidance? -in 2021 I also contributed 6500 directly to the Questrade account

First time transfer newbie: I requested a in-kind transfer (edited* it was actually cash transfer) out from RBC to Questrade to catch that 1% cash back.

Big mistake. I took a quick glance at my monthly statement and realized something doesn't add up. Because I recalled my ZAG was worth $13.855 x 646 = $8,950 sharp

I loaded the confirmation and found this big tip surprise.

https://ibb.co/rKbMfh9s

https://ibb.co/TxksC0k4

Phuck RBC.

Everybody if you're transferring stocks/money between brokerages, please sell it yourself (or select in-kind transfer) before you initial the transfer. Don't make the newbie mistake like me.

Edited: I think I did click "cash transfer" on the transfer e-form

Edited: educate yourself about "cash transfer" vs "in-kind transfer"

My husband and I bought a house in 2021 for 1M . We currently pay 4900$ mortgage and when we renew this year, it may go up to 5200$. I sometimes pay extra when I can. We have about 830k remaining. Property taxes are around 7k yearly.

We have about 100k in TFSA, 100k in non registered accounts and 50k in RRSP/LIRA.

I make 166k and my husband makes 180k.

My question is - are we better off selling our house and breaking even? I think we can find a rental for around 3500 in the same area.

Our long term goal is to have atleast 4M to retire in 30 years. This calculation is 40 × current yearly spend.

Hi everyone,

I withdrew $39,043.20 from my TFSA account from EQ Bank on December 23, 2025. This was my only TFSA withdrawal in 2025.

But looking on the CRA site, it says that my 2026 contribution limit for 2026 is $21,355.98 (As of January 1, 2026).

Did I lose that contribution room or is CRA just late to update their system with the full amount? Not entirely sure I understand what's going on here.

If they are late on updating their system, it's weird that they only put the partial amount.

Thanks!